Nominal GDP is a good snapshot of the current value of production in an economy but it cannot be used to make comparisons over time because prices change.
Nominal GDP is an indicator used to understand a country's economy. It measures the current value of production of a country. But it cannot be considered as a good measure. One important drawback of Nominal GDP is that it cannot be used to make comparisons of production prices over time because it doesn't take inflation into account.
Nominal GDP works only with current prices and the price changes will not be seen when calculated through years.
So Real GDP is considered for comparisons of product prices over time.
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what do economies of scale, the ownership of essential raw materials, and patents have in common? They are all barriers to entry.
Materials or substances used in the initial stages of producing or manufacturing items are known as raw materials. On commodity exchanges around the world, raw materials are commodities that are purchased and sold. Since raw materials, like labor and capital, are factors of production, traders buy and sell them on the factor market.
Various sorts of raw materials can be employed in a wide range of goods. The inventory or input commodities that a business needs to make its products are known as raw materials. For instance, a car manufacturer would employ steel used in the construction of vehicles as a raw material.
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Answer:
This question is incomplete. However, I found the full question with choices from the web ;
Which of the following describes the results of an increase in supply on price and quantity in the market?
a.) Both price and quantity increase
b.) Both price and quantity decrease
c.) Price increases and quantity decreases
d.) Price decreases and quantity increases
e.) Insufficient information
Explanation:
If the supply of a product or service increases in the market, it means that there will be an increase in the quantity of that product/service. Due to the interplay of the law of demand and supply, competition among suppliers will increase, driving the price down. Therefore, there will be a fall the equilibrium price and increase in quantity , making choice D correct.
Answer:
- <u><em>D. It has both good and bad effects, but we can't always predict what those are.</em></u>
<u><em></em></u>
Explanation:
Of course, ethics mandates that the target of science and <em>new technology </em>should always pursue the good for humans; nevertheless, since time immemorial man has developed technology to make war. Thus, definetely, the first statement <em>"A It always does good for human"</em> is false.
Some other negative effects of <em>new technology</em>, like cars and nuclear power, have been harmful to the environment, but you cannot tell that this has always been so. Technology has also been developed to help the environment. For instance, panels to use solar energy do not harm the environment and seek to reduce fuel burning to help the environment. Thus, option <em>B, "It always ends up doing harm to the environment"</em> is false too.
Some of the damage that new technology can produce are not predicted both because the technology is new and because it may be used with different goals to those it was developed. This explains why option <em>C, It has many bad effects</em>, is false, and option <em>D, "It has both good and bad effects, but we can't always predict what those are", </em>is true.
Answer:
$1400 U
Explanation:
Total direct materials cost variance = (47,000 actual pounds × $1.20 actual cost per pound) − (50,000 standard pounds × $1.10 per pound) = $1,400 unfavorable
